Average Credit Card Debt In The U.S. Is Rising
It has not topped one trillion dollars…… The big reset is on its way maybe as soon as 12 months.
What do Higher Interest Rates Mean for Credit Card Debt?
The Federal Reserve has been raising interest rates since March 2022. They’ve gone up by 375 basis points in just 11 months, which means borrowing has quickly become much more expensive.
In fact, the average credit card’s interest rate is the highest it’s been since the Fed started tracking in 1994. In Q3 2022, the average APR of all credit cards was 16.27%, up from 14.51% in Q4 2021 before the Fed started raising rates. Those who are carrying a balance and actually paying that interest are seeing an average APR of 18.43%. many are paying over 29 percent on their balance,
A portion of increased credit card debt could be due to these higher interest charges. Credit card debt began climbing even prior to the Fed rate hikes, but the increased interest rates certainly have not helped.
GET READY FOR THE LARGEST AMOUNT OF BANKRUPTCYS IN AMERICA
The credit card companies and Banks will loose billions, the cost of this will be passed on to the few Americans working and trying their best to play the game correctly. Once the credit card owners loose their cards they will no longer be able to afford the basics needed to surivie and their will be rampant looting and murder.